Consumerism Commentary - Latest Comments in Go to College Without Going Into Debt: Impossible?

Re: Go to College Without Going Into Debt: Impossible?

SimplyForties — Tue, 03 Feb 2009 18:52:31 -0000

My son is currently going to college on a combination of all of the above, except corporate sponsorship (actually, since I'm self-employed, I guess my "corporation" is sponsoring him!).

Re: Go to College Without Going Into Debt: Impossible?

Patrick — Wed, 04 Jul 2007 11:28:30 -0000

I was fortunate that my parents paid my tuition, room, and board for me for my first year of school at a state college. After that, I was restless with school so I joined the USAF. I got an Associates Degree from the Community College of the Air Force, then I volunteered to work night shift so I could take night classes. Two years later, I got my Bachelors in science, and the military paid my tuition. This is not the route for everyone, but it worked for me and I have no regrets. :)

Re: Go to College Without Going Into Debt: Impossible?

Wed, 04 Jul 2007 10:38:46 -0000

I also chose the state school route. I'm lucky enough to have grown up in a state (washington) with an outstanding public university (it wasn't really luck, it was a conscious decision on my parents' part), and I went to the best university in the state. With good grades and test scores, I got even that paid for - a state tuition waiver for my HS grades, and a series of scholarships and research jobs that came with stipends.

One thing I didn't know and just lucked out on was that by applying for so many scholarships, I not only got things paid for, but I developed a great resume. When it came time to apply for graduate training, that made a huge difference - not only did I get in with full funding to every program I applied to including the three most competitive programs nationally, but I even got a 10k signing bonus to sweeten the deal.

Another streak of good luck attached to this strategy: at a large state school, you typically have first rate professors, and a mix of highly motivated students (so you have plenty of peers to challenge you) and less motivated / more distracted students (so your professors aren't yet sick of students who all want extra attention, and are instead still happy to have you show up with further questions / ask to work in their lab).

I was really unsure when I made my decision to go to a public university when all the rest of my peers were going to private universities - but it's made all the difference. I would do it the same way again in a heartbeat.

Re: Go to College Without Going Into Debt: Impossible?

MossySF — Tue, 03 Jul 2007 19:12:08 -0000

I spend 3 years in community college and then 3 years in the local 2nd tier public college. (In California, there's the UC system and the CSU system.) By taking 6 years to do my degree, I was able to work hours and earn plenty of money to pay for everything. Didn't get a cent in financial aid or loans.

My major was computer science so there's really no impact on job prospects unless your goal is to to design CPUs at Intel. Since my goal was much simpler, I easily found a job even before I officially graduated (had some units left for a Bachelors). Having no debt was very important as it gave me plenty of surplus to roll the dice and start a new business with some partners.

Re: Go to College Without Going Into Debt: Impossible?

awcool — Tue, 03 Jul 2007 10:24:57 -0000

I graduated from the University of Waterloo debt-free because I enrolled in their co-op program. In my opinion, this is the only way to get a post-secondary education, because the vast majority of employers prefer candidates with experience even when they're looking to fill entry-level positions. After graduating, I had 2 years of experience, a ton of contacts from 6 different employers, had maxed out my 401k-equivalent scheme and had 0 debt. It goes without saying that I started way ahead of most of my peers, which is extremely important because the ones who start ahead usually finish ahead, ergo power of compounding.

The University of Waterloo is the first university in the world to offer the co-op program and as a result has the largest co-op program in the world. So, most of its students are enrolled in a co-op program. Since the students are in and out of campus every 4 months, they don't feel as attached to the university and they don't get the feeling that they're part of that community. That's the only downside in my opinion.

Re: Go to College Without Going Into Debt: Impossible?

PaulD — Tue, 03 Jul 2007 07:02:05 -0000

I live in Cincinnati, Ohio. My daughter is looking at engineering programs at various colleges. The University of Cincinnati has a co-op program where students work for private employers in their chosen fields. It takes an extra year to graduate, but the engineering grads earn an average between $30,000 to $50,000 and gain real life work experience while completing their degree.
My daughter could live at home while attending school and would be charged in-state tuition. As a result, she could reasonably leave school with money in her pocket rather than debt. As a parent, the looks very appealing.

Re: Go to College Without Going Into Debt: Impossible?

sfordinarygirl — Mon, 02 Jul 2007 22:15:14 -0000

I went to the local state school, lived with my parents for the entire 4 and a 1/2 years and worked (interned) close to full-time to pay for my school expenses.

It was a lot to juggle and sometimes I'd be up until 3-4 am on some nights just to finish work from my internship and class but I don't regret it. I learned how to manage my own time and developed a lot of contacts at my jobs during school.

Re: Go to College Without Going Into Debt: Impossible?

Ben — Mon, 02 Jul 2007 13:48:10 -0000

I went to a state school instead of MIT and so instead of spending upwards of 40k a year I had a full ride (tuition, books, room, and board) with a national merit finalists' award. I bought a trailer (nicer than the apartments in the area), rented to roommates/friends at cheap rates, and I even had enough money from the scholarships and trailer to spend a semester abroad. My field (Actuarial Science) couldn't care less where you went to school, so I'm out and putting a down payment on a house already with all the money I didn't go into debt with.

Re: Go to College Without Going Into Debt: Impossible?

plonkee — Mon, 02 Jul 2007 13:35:18 -0000

Speaking as a Brit, I can tell you that we don't really have many scholarships, grants or work-study programs. And all courses at all Universities pretty much cost the same (max allowed by government) - the only variable is the city in which you study. This is because until 10 years ago, University was free and everyone was entitled to means-tested grants.

I realise that things are different on the other side of the pond, but since your sources were British, I thought I'd chip in.